Escheat determines who the heir or heirs will be if a person dies without a will.
What Is Escheat?
Escheat refers to the right of a government to take ownership of estate assets or unclaimed property. It most commonly occurs when an individual dies with no will and no heirs. Escheat rights can also be granted when assets are unclaimed for a prolonged period of time. These situations can also be referred to as bona vacantia or simply just unclaimed property.
Understanding Escheat :
Escheat is a government’s right to property if it is unclaimed for any reason after a period of time. Escheat rights can be granted by a court of law or given following a standard time period. In the case of death with no will or heirs, escheat rights may be granted to a state in a probate decision.
Heirs :
a person who will legally receive money, property, or a title from another person, especially an older member of the same family, when that other person dies, someone who continues to do the work of someone important who has died, or someone who has the same position as the previous person who held that position.
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